How Students Can Spot and Avoid Financial Scams

By Philippa Dobrée-Carey

In this age of AI and rapidly evolving technology, students are an easy target for scammers. Whether your child is about to start university or is already studying abroad, it is important to know how to spot scams and protect themselves.

Here’s how parents can educate their children on what to look out for.

Common Scams

Fake Calls and Emails

Scammers often pretend to be from trusted companies such as Amazon, DHL, or the bank. They’ll say there’s a refund available or ask you to click on a link because your delivery address is incorrectly registered – this is particularly appealing if expecting an Amazon package!

Deepfake Voice Scams

Using AI, scammers can mimic the voices of parents or university staff and ask for money.

Social Media Scams

Students are particularly targeted on social media platforms such TikTok, Instagram, and Discord with fake giveaways, “easy money” crypto schemes or appealing offers.

Job and Internship Scams

Fake job offers may require payment for recruitment or training, or may even conduct fake interviews using real company names.

Scholarship and Tuition Scams

Watch out for websites offering fake scholarships or tuition discounts in exchange for personal information or payment.

QR Code Scams

Scammers place fake QR codes that lead to phishing sites. Before scanning a QR code, check that it doesn’t look tampered with (i.e. a sticker placed over the original code), preview the link using a secure QR scanner app, and verify that the URL matches that of the official site.

How to Spot a Mobile or Subscription Scam

Scammers often pretend to be from mobile phone companies or subscription services. They might say:

  • Your phone plan has been suspended due to non-payment.
  • You’re due a refund for unused data last month.
  • You need to update your payment details to avoid service interruption.

These messages will sound urgent and ask for credit card details or login information. Hang up and log into your account directly via the company website or contact customer services via the website to verify the situation.

Protecting your Identity

Passwords

Use strong passwords of at least 12 characters (rather than the minimum of 8). The longer the password, the longer it will take to crack. Don’t reuse passwords and enable multi-factor authentication where possible.

PIN Codes

Change your bank card PIN immediately after receiving it. Avoid using your birthday, phone number or car number plate.

Personal Info

Keep your personal details private. Don’t share student ID, passport number, or banking information unless you are sure it is necessary.

Credit Card Info

Don’t store your credit card details with online retailers such as Amazon. Remember the recent Marks & Spencer hack? Although it may be inconvenient to enter the details for each order, it’s safer.

Recognising Red Flags

  • Emails or websites with strange addresses or extra characters in the URL, or email content with typos and errors.
  • Requests for urgent action or secrecy.
  • Amazing offers that sound too good to be true.
  • Generic greetings such as ‘Dear Customer’ instead of your name.

What to do if you’re Scammed

  • Contact the bank immediately to report unauthorised transactions and report unauthorised transactions and request that your accounts be frozen while it is investigated.
  • File a police report and keep records of any communications received. Take screenshots of messages, as proof.
  • Change your passwords and PINs immediately.
  • Monitor your accounts and consider placing a fraud alert on your credit file.

Financial scams are becoming more sophisticated, but students are becoming savvier too! By being aware, staying alert, and knowing the red flags, young people can protect their money and personal information. Whether it’s a fake refund, a suspicious QR code, or an off er that seems too-good-to-be-true, being cautious pays off .

Five Quick Tips to Stay Safe

  1. Guard your info: Keep your personal and financial details private.
  2. Verify sources: Always check who’s asking before sharing anything.
  3. Check accounts often: Spot suspicious activity early.
  4. Be sceptical: Don’t trust offers that seem too good to be true.
  5. Stay informed: Learn about new scams and how they work. In my
    family, we have a code word that we would use to verify the identity of the caller, in the event of an AI voice imitation scam.